Loss on life insurance policy investment
This query is : Resolved
Parimal Ganorkar
(Querist)
18 March 2014
What is the accounting as well as income tax treatment of long term loss & profit on life insurance policy and mutual fund investment in case of proprietarship business?
Rupesh Jain
(Expert)
18 March 2014
life insurance amount received on surrender or recd. on maturity, no loss or profit consider under income tax.
other hand on mutul fund investment can be taxable according to time of investment . long term can be consider if investment is more than 12 month.
other hand on mutul fund investment can be taxable according to time of investment . long term can be consider if investment is more than 12 month.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- ETDS return q4 25-26
- GST input credit on commercial property
- Intimation under section 245
- Section 269ST applicability for capital introduced by partner to his partnership firm
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
